Americans are traveling abroad again, and airfare costs track trend | CPT PPP Coverage
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Americans are traveling abroad again, and airfare costs track trend appeared on www.marketplace.org by Marketplace.
Tourism is back at full speed, but in some places more than others. This summer, Americans have been focusing on jet-setting abroad. That’s helped to push international airfare up 10% from last year. Meanwhile, domestic airfare is down more than 10%, according to the travel site Hopper.
Big American tourism spots like Nashville, Tennessee, have been riding the wave of pent-up demand for the last couple of years. But that wave could be dropping off.
“Last year was such a strong year. And we were concerned that this year wouldn’t be as strong,” said Deana Ivey, president of the Nashville Convention & Visitors Corp.
Nashville saw a visitor decline in June despite its yearly CMA Fest. But some big-name artists on tour gave July numbers a boost.
“Ed Sheeran was at Nissan Stadium,” Ivey said. “And then last weekend was George Strait with Chris Stapleton and Little Big Town.”
Still, the city is diversifying beyond its music scene, she said, investing in upscale hotels and sports. It just hosted its first NHL draft.
There’s a reason demand has shifted, said Paula Twidale, senior vice president of AAA Travel. Last summer, the Centers for Disease Control and Prevention dropped COVID-19 test requirements to get back into the U.S.
“Once that happened, the floodgates opened. Everyone decided to finally take the opportunity to go abroad,” Twidale said.
She said most of those travelers are jetting to Europe. And there’s lots of interest in Asia. Many countries there didn’t fully open until late last year.
Hayley Berg, an economist at Hopper, said airfare to Asia is up 60% over 2019 levels. And prices haven’t dampened interest. “We’re expecting that this is the new normal for travel demand,” she said.
Berg said Hopper surveys show that people are cutting back spending in other parts of their lives to prioritize wanderlust.
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